With Miami home prices nearing $600,000 and average annual pay around $67,000, many South Florida residents are left weighing whether buying is still within reach or whether renting is becoming the more realistic norm.
Here’s what to know
According to NBC Miami, Lissette Calderon, founder and CEO of Neology Group, said financial realities are pushing more residents toward leases instead of mortgages.
“The house that you used to be able to rent is now more expensive. The same house would probably, if you were buying it, would cost you $5,500 a month, but to rent it is $3,500 a month going on,” Calderon said.
NBC Miami cited Zillow data showing that a typical 3-bedroom house rents for roughly $3,800…